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LAKE FOREST, CALIF. – The 240-unit Ridgecrest Apartments in Lake Forest has received a $41-million refinance. The community is located at 21486 Lake Forest Drive.
The loan carries a seven-year term and a 30-year amortization schedule, following a two-year interest-only period. Financing was secured by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s seller/servicer with Freddie Mac. The servicer agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with two years interest-only based on strong sponsorship and an infill Orange County location.